27 West 24th Street (27W24) - New York, NYNew York, NY According to MJ Orbach Associates and The Kaufman Organization, six new leases have been signed at 27 West 24th St. (27W24), totaling 15,000 s/f. Of the six leases, four of the transactions are for international design tenants looking for showroom space.
“The leasing velocity Kaufman has experienced at 27W24 over the last month really showcases the building’s reputation as the ideal space for clients to increase brand awareness in New York City,” said Grant Greenspan, principal at Kaufman. “The attractive nature of this well-located and modern building has drawn interest from a wide range of businesses, whether design firms seeking showroom space or investment firms looking to attract talent.”
The four international design companies together take up 6,749 s/f of space and are relocating to Flatiron to build-out showroom spaces that will allow them to showcase a variety of products and attract high-quality talent in one of the most desirable neighborhoods. Additional information below:
• Scandinavian Spaces, a high-end Swedish commercial interior design company with an emphasis on social responsibility, signed a five-year approximately 1,300 s/f lease for the company’s NYC showroom. Eric Shifflett of LSLNY represented the tenant.
• Bolon, a third-generation Swedish flooring company that draws inspiration from fashion, signed a five-year, 2,850 s/f lease. The company will use the space as its NYC headquarters, showroom and sales office. Amenities include a brand-new wet pantry, residential style Kitchen Island and 15 feet of recessed glass entry doors – enhancing the customer experience. Matthew Steer of Keller Williams represented the tenant.
• Johnston’s of Elgin, a two-century old Heritage Cashmere brand based out of Scotland, signed a four-year, approximately 1,290 s/f lease. This will serve as the company’s showroom and first foray into the NYC market. Stephen Stephanou of Crown Retail Services represented the tenant.
• Institchu, a bespoke Australian menswear company, signed a five-year, approximately 1,293 s/f lease for the company’s only NYC showroom. John Brasier of Colliers International represented the tenant.
Grant Greenspan, The Kaufman Org.“We’ve seen that design and home furnishing clients are coming to Flatiron from West Chelsea and the Upper East Side,” said Aron Orbach, associate at Kaufman. “27W24 is truly best in class for the category of 1,000 to 5,000 s/f tenants; its prime location recruits the best talent – which is essential for corporate growth in NYC.”
In addition, 27W24 has also leased over 8,500 s/f of office space within the last 30 days for the two digital and creative businesses below:
• Stash Invest, a digital investment company that is breaking the mold of traditional finance, expanded its presence at the building with a four-year, 5,788 s/f lease – having initially moved into a 4,464 s/f space. This serves as the company’s New York City headquarters.
• Incandescent Inc., an industry-leading creative consulting agency, signed a 25-month, approximately 4,119 s/f lease. Currently subleasing at the building, the company has chosen to take out a new lease directly with building.
The 125,000 s/f office building located between Fifth and Sixth Avens. recently underwent a multi-million dollar capital improvement program that included a renovated façade and lobby, passenger elevators with modern designs and security surveillance systems. Ownership is currently investing more capital into improvements for the lobby to transform the building into a more modern space, appealing to the 21st century tenant.
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